{"id":46869,"date":"2023-11-12T11:26:42","date_gmt":"2023-11-12T11:26:42","guid":{"rendered":"https:\/\/innodebt.com\/markets\/crypto\/bitwise-has-no-connection-with-now-defunct-bitwise-industries\/"},"modified":"2023-11-12T11:26:44","modified_gmt":"2023-11-12T11:26:44","slug":"bitwise-has-no-connection-with-now-defunct-bitwise-industries","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=46869","title":{"rendered":"Bitwise Has No Connection With Now-Defunct Bitwise Industries"},"content":{"rendered":"<div>\n<figure id=\"attachment_129666\" aria-describedby=\"caption-attachment-129666\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-129666\" class=\"wp-caption-text\">Source: Pexels<\/figcaption><\/figure>\n<p>Crypto fund manager Bitwise Asset Management has insisted that it \u201chas no relationship\u201d with the now-defunct technology company Bitwise Industries.<\/p>\n<p>The reply comes amid a probe conducted by the US Securities and Exchange Commission (SEC) on Bitwise Industries. The regulator accused the tech firm and its former co-CEOS for misleading investors about the company\u2019s finances.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today we announced charges against Jake Soberal and Irma Olguin, Jr., the former co-CEOs of Fresno, California-based private technology services startup Bitwise Industries Inc., for misleading investors about the company\u2019s finances.<\/p>\n<p>\u2014 U.S. Securities and Exchange Commission (@SECGov) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/SECGov\/status\/1722687684852826151?ref_src=twsrc%5Etfw\">November 9, 2023<\/a><\/p>\n<\/blockquote>\n<p>The SEC charges on Bitwise Industries include wire fraud and amassing $100 million from investors despite its failing business model. The defendants allegedly falsified the company bank account of having $23.4 million, when it had only $325,100, SEC noted.<\/p>\n<p>However, this raised doubts about the authenticity of the crypto asset manager Bitwise, which has an identical name to the beleaguered tech firm. Social media posts <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/PiQSuite\/status\/1722705189918945634\">swapped the logos<\/a> of both companies, projecting that Bitwise Asset Management is under SEC scrutiny.<\/p>\n<p>Following such reports, crypto firm Bitwise clarified to its users that it has no links with the tech provider.<\/p>\n<blockquote>\n<p>\u201cSan Francisco-based Bitwise Asset Management, Inc., the largest crypto index fund manager in America, has no relationship with, and has never had a relationship with, the now-defunct Bitwise Industries, a former technology company based in Fresno, California.\u201d<\/p>\n<\/blockquote>\n<p>Meanwhile, Bitwise crypto asset manager recently <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/JSeyff\/status\/1706287224126394608?s=20\">updated its application<\/a> for a Bitcoin Exchange-Traded Fund (ETF), seeking to address SEC\u2019s concerns. Bitwise\u2019s amendment to its ETF application presented a compelling new dimension to its broader pursuit of the rare product.<\/p>\n<p>The firm also re-filed its application for a spot Bitcoin ETF in June. This opened the flood-gates for several ETF applications, including from prominent asset manager BlackRock.<\/p>\n<p>Furthermore, Bitwise filed for the withdrawal of its \u201cBitcoin and Ethereum Market Cap Strategy ETF\u201d application, in August. The withdrawal came as a shock to the community, given the company\u2019s commitment to pursuing ETF approval.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitwise-has-no-connection-with-now-defunct-bitwise-industries.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels Crypto fund manager Bitwise Asset Management has insisted that it \u201chas no relationship\u201d with the now-defunct technology company Bitwise Industries. The reply comes amid a probe conducted by the US Securities and Exchange Commission (SEC) on Bitwise Industries. The regulator accused the tech firm and its former co-CEOS for misleading investors about the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-46869","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitwise Has No Connection With Now-Defunct Bitwise Industries | Innodebt<\/title>\n<meta name=\"description\" content=\"Source: Pexels Crypto fund manager Bitwise Asset Management has insisted that it \u201chas no relationship\u201d with the now-defunct technology company Bitwise\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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